UK to start post-Brexit trade talks with Japan
BBC.- The UK and Japan are set to begin talks on Tuesday aimed at reaching agreement on a post-Brexit trade deal.
Brexit
Bosses set out immigration priorities after Brexit
BBC.- The UK’s largest business, trade and education bodies have set out their priorities for a post-Brexit immigration system. They called for flexibility for skilled workers to enter the UK through a points-based system, and a reformed sponsorship process.
Christmas markets hit by Brexit costs
BBC.- City centres across the UK will be transformed in the coming weeks as wooden stalls are erected and visitors from Europe arrive to bring a continental flavour to our streets. Christmas markets have quickly become a familiar sight in many cities, but the uncertainty around Brexit means they have faced extra challenges this year.
Brexit negotiators removed ‘adequate’ from worker rights plan
BBC.- An internal UK government memo on the consequences of Boris Johnson’s Brexit deal renegotiation singles out the removal of the word “adequate” from the UK-EU Political Declaration to describe mechanisms for enforcing common social, environmental, and labour standards after Brexit.
Brexit deal acceptable, says top Barclays banker
BBC.- Prime Minister Boris Johnson’s Brexit deal is “acceptable” and the country should push ahead with it, leading banker Sir Ian Cheshire has said. Sir Ian, chairman of Barclays’ UK operations, told the BBC that business leaders wanted to see certainty.
‘Special relationship’ won’t guarantee UK-US trade
BBC.- The UK should not expect that its “special relationship” with the US means it will get more favourable terms when it comes to trade. That was the warning from former US trade chief, Michael Froman, talking exclusively to the BBC.
UK productivity suffers worst drop in five years
BBC.- Productivity in the UK fell at its fastest annual pace in five years in the April-to-June quarter, according to the Office for National Statistics. The figure – measured by output per hour – fell by 0.5%, after two previous quarters of zero growth.
Brexit uncertainty ‘could lead to interest rate cut’
BBC.- The Bank of England may need to cut interest rates should Brexit uncertainty persist, one of its policymakers has said. Even if the UK avoids a no-deal Brexit, rates may still need to be cut, Michael Saunders said.
Chancellor Sajid Javid declares end of austerity
BBC.- The government has declared it has “turned the page on austerity” as it set out plans to raise spending across all departments. Chancellor Sajid Javid outlined £13.8bn of investment in areas including health, education and the police in what he said was the fastest increase in spending for 15 years.
Pound hits three-year dollar low in Brexit turmoil
BBC.- The pound has touched a three-year low against the dollar as MPs opposed to Prime Minister Boris Johnson prepare their bid to delay Brexit. It fell below $1.20 to its lowest since October 2016 before recovering. Against the euro, it is worth less than €1.10.
La Reina acepta el plan de Boris Johnson de suspender el Parlamento británico
El Mundo.- El premier británico ha dado su golpe maestro para evitar que la oposición detenga un Brexit sin acuerdo. Boris Johnson ha llamado a la Reina para pedirle que suspenda el Parlamento entre el 9 y el 12 de septiembre y hasta el próximo 14 de octubre y ésta acaba de emitir un comunicado dando su consentimiento. “Necesitamos sacar adelante una ambiciosa agenda legislativa”, ha explicado Johnson a través de una carta remitida a los parlamentarios. Horas después, Isabel II, haciendo gala de su histórica neutralidad, aprobó la suspensión de Westminster hasta el 14 de octubre.
Brexit: Next boss says UK can avoid no-deal chaos
BBC.- The UK can avoid severe disruption in the event of a no-deal Brexit, the boss of one of the country’s leading retailers has told the BBC.
Pound falls lower on no-deal Brexit prospect
BBC.- The pound has continued to fall on currency markets as the government insists that the UK is prepared to leave the EU without a deal. Sterling hit a fresh two-year low of $1.2120 against the dollar on Tuesday, before recovering some ground.
UK banks ‘prepared for Brexit and trade war fall-out’
BBC.- The Bank of England says the UK banking system is still resilient to the financial impact of a worst-case disorderly Brexit. The comment came in its regular health check on the banks, the Financial Stability Report.
UK economy returns to growth but slowdown fears persist
BBC.- The UK economy returned to growth in May after shrinking in April, but the news failed to allay fears of a future slowdown. The economy grew 0.3% from the month before, after declining 0.4% in April, according to the Office for National Statistics (ONS).
EU-Swiss share trading row: What does it mean?
BBC.- The European Union and Switzerland have imposed new restrictions that affect each other’s financial firms. It is a striking deterioration in what has long been a close economic relationship.
Brexit ‘could leave UK short of energy’
BBC.- The UK would be vulnerable to gas supply shortages and price hikes after Brexit, an industry leader has warned. Marco Alvera, head of European industry body GasNaturally, told the BBC that EU nations could restrict gas exports to the UK during winter cold snaps in order to prioritise their own citizens.
Japan urges UK to avoid no-deal Brexit
BBC.- Japan’s foreign minister has told the BBC that he has been telling the two prospective Conservative leaders to avoid a no-deal Brexit.
Bank of England cuts UK growth outlook as rates held
BBC.- The Bank of England has said it expects economic growth to be flat in the second quarter of the year. The Bank’s Monetary Policy Committee (MPC) had previously predicted growth of 0.2% over the period.
Brexit uncertainty ‘hitting UK business investment’
BBC.- Brexit worries will see business investment contract faster this year and recover more slowly next year than was previously thought, a report says.
Brexit: UK firms ‘not even close to ready’ for no deal
BBC.- Many UK businesses “are not even close to being ready for a no-deal” Brexit, figures seen by Newsnight suggest.
UK signs post-Brexit free trade deal with South Korea
BBC.-The UK and South Korea have signed an outline free trade agreement (FTA) that seeks to maintain existing trade arrangements post-Brexit. International Trade Secretary Liam Fox signed the deal with his South Korean counterpart Yoo Myung-hee in Seoul.
P&O seeks £33m in damages over Brexit ferry settlement
BBC.- P&O Ferries is seeking almost £33m in damages from the government over its handling of a challenge to ferry contracts under a no-deal Brexit.
Stockpiling Boosts U.K. Economy But Slowdown Appears Under Way
Bloomberg.- Brexit stockpiling and consumer spending spurred the British economy in the first quarter but a disappointing March suggests that a slowdown may already be well under way.
Bank of England raises UK growth forecast
BBC.- The Bank of England has raised its UK growth forecast for this year, in part because the outlook for the global economy is a bit brighter. The Bank now sees growth of 1.5% this year, up from February’s forecast of 1.2%.
RBS warns of Brexit uncertainty impact as profits fall
BBC.- RBS has reported a drop in profits for the first three months of the year and warned of the continuing impact of Brexit uncertainty on near-term growth.
US Speaker Nancy Pelosi warns against weakening peace deal
BBC.- US Speaker of the House Nancy Pelosi is due to begin an official visit to the Republic of Ireland later. Speaking on the eve of her visit, she said there would be “no chance whatsoever” of a post-Brexit trade deal between the US and UK if there were any weakening of the Good Friday Agreement.
IMF’s Lagarde says further Brexit delay will ‘hinder’ UK growth
BBC.- Further uncertainty over Brexit will hinder growth in the UK economy, the head of IMF has told the BBC.
African Nations Could Lose $420 Million in a No-Deal Brexit
Bloomberg.- Morocco, Ghana and Tunisia are among African nations that would lose the most if the U.K. doesn’t negotiate a deal by the time it has to exit the European Union, according to a study by a United Nations agency.
UK economy grows faster than expected ahead of Brexit
BBC.- Stockpiling by manufacturers ahead of Brexit helped the UK economy grow by 0.3% in the three months to February. The Office for National Statistics pointed to manufacturers “changing the timing of their activities” as the UK’s exit from the EU approaches.